The Real Deal New York

Republic of Tanzania purchases East Side building for $24.5M

October 13, 2011 04:49PM
By Katherine Clarke

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The Republic of Tanzania has purchased the Timekeeper Building, a six-story office property at 307 East 53rd Street near the United Nations, for $24.5 million, according to public records filed with the city today.

The 40,000-square-foot, six-story building, between First and Second avenues, was put on the market by Philadelphia-based real estate investment firm Amerimar Enterprises in September 2010. Robert Garrish, Paul Gillen and Darcy Stacom of CB Richard Ellis were hired to market the property.

Amerimar purchased the property from a company named Mittman Associates for $15.45 million in 2005.

Office tenants at the building include Amerimar as well as Bombo Sports and Entertainment, wine distributor Frederick Wildman & Sons and the Caudalie Vinotherapy Spa’s offices.

A representative for the Republic of Tanzania was not immediately available for comment, but a person who answered the phone at the Tanzanian embassy in Washington D.C. confirmed that the county’s New York embassy may be moving from its home at 201 East 42nd Street.

A spokesperson for Amerimar did not return a call by press time. Garrish, Gillen and Stacom declined to comment on the closing.

This purchase marks Tanzania’s second in the last few months. As previously reported, in August, the Mission for the United Republic of Tanzania based in New York, bought a Great Neck, Long Island center hall colonial house for $1.26 million. Orly Hollander of Laffey Fine Homes, who was the listing agent on the property, said at the time that the home is for a Tanzanian diplomat with his children.

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